QPP MIPS 2021 is a chance to target up to 5% Medicare payment incentives. So, if you want your medical practices to be financially strong, here is an opportunity to leverage.
Do you know CMS (Centers for Medicare and Medicaid Services) updates performance categories every year? Starting from the Quality category that was 45% of the total MIPS score in the previous year is now set at 40%. The Promoting Interoperability (PI) category is set at 25%, Improvement Activities (IA) at 15%, and Cost category is set at 20%.
Avoid Up to 9% Penalty by Successfully Submitting MIPS 2021 Data
MIPS 2021 has brought many opportunities for financial gains, which is explained in the latter paragraphs. However, even you don’t want to earn incentives and think that your medical practice is doing great! Think again!
According to CMS, medical practices, which are failed to report MIPS data for 2021, will have to face serious repercussions. There is a set percentage of 9% penalty that MIPS eligible clinicians might bear for “not reporting data”.
Moreover, you could also lose the chance to get featured in the “Physicians Portal” through which you can cash on many growth prospects. Thus, ignoring MIPS 2021 is not an option.
It is a Chance to Improve RCM!
Especially amidst the peak pandemic hours, the healthcare industry has suffered significantly. There were lesser resources and more patients. All thanks to the healthcare workers, they have managed everything quite impressively.
Where we are commending the roles of healthcare workers, we should also realize that medical practices have suffered on the financial front. They delivered more than their capacity and actually incurred the loss.
So, when there is an opportunity to compensate for the losses, why not utilize it!
P3Care, being the MIPS Qualified Registry, for five years now, has been helping eligible clinicians to report specialty-specific MIPS Quality measures to CMS. The outcomes for our physicians have been quite fruitful.
Not only they managed to avoid a penalty but also targeted MIPS incentives respectively. You can also be a part of the list whose name comes in a good light in the Physicians Portal.
Stakes Are High with MIPS 2021
Yes! The stakes are quite high with QPP MIPS reporting 2021. The reporting requirements have changed. Some quality measures got topped out, while some are the new additions to the list. No doubt, there is a lot of administrative load on eligible clinicians that need laser-focused attention. Otherwise, there will be no point in catering to this incentive payment program with below-average performance.
MIPS consultants allow you to cater to all such worries with their experience and latest resources. So the final verdict is if you want to receive up to 5% incentives as payment adjustments in 2023, it is time to plan and implement successful strategies.